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91042 : Real Estate Advice

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  • Home Buying2
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Activity 12
Tue Jan 21, 2014
James Sanchez answered:
Good question..... you probably won't. I live and work in the Shadow Hills area and the hardest challenge you will have is finding one that is FHA approved. If you are really interested call me and I will see what I can do. You could look over my recommendations on Trulia and Zillow and decide for yourself.

Either way, good luck,

James
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Wed Apr 26, 2017
John Arendsen answered:
Check with your city to see if they have any rent control policies in place. If not and you want to be a fair landlord I would recommend adjusting to the "Consumer Price Index" (CPI).
0 votes 3 answers Share Flag
Wed Mar 21, 2012
answered:
Okay..best way to answer you, is to ask more questions!!

How much equity is in th property?
When was the existing loan placed on the property?
Are you looking for a 30 year rate?

The more information you give out to your lenders, the more realistic quote they can give you!!
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Fri Dec 9, 2011
Oggi Kashi answered:
We need an address or a reference link to know what property your referring to in your question.

Oggi Kashi
Broker Associate, Paragon Real Estate Group
All data from sources deemed reliable but subject to error and omission, and not warranted. CA DRE 01844627 ... more
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Thu Jun 23, 2011
Linda S. Cefalu answered:
You need to talk to your tax accountant. They would be best suited to answer this question based on many factors that we cannot answer for you here.
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Tue May 3, 2011
answered:
Catherine,

This is probably not a big concern. In SoCal washes are the freeways for wild life. In Orange County that primarily means coyotes, mountain lions, raccoons, possum, skunks, rabbits, rats and deer. In your area maybe also bears. It would be neat to have a web-cam mounted on that tall backyard fence. I guess it would be up to you whether this would be a pro or a con. "Different strokes for different folks."

Happy funding, Rudi
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Fri Oct 11, 2013
John Walin answered:
wow dont know if we are violating HUD steering rules if we answer this as licensees.
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Thu Sep 16, 2010
Dan Tabit answered:
Andre,
This is a legal question, so for a definitive answer you'll need to speak to an attorney. My understanding is that once a house is included in BK, all negotiations for a short sale stop. I went through this a couple of years ago and had to resubmit my short sale package. After that we went through months of confusion as I was told the home was in the short sale department, and was in the BK department and no progress was made. In my situation, my seller eventually got out of his BK and we were able to proceed to closing. ... more
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Tue Apr 20, 2010
Emelia Sanchez answered:
Question 1: I am sure the realtor is marketing the home is available and noting "pending cancellation of previous escrow". This would mean the home is available if your escrow fails.

I do not see question #2.

The seller still sets the price but the buyer determines the value. If this property is worth 11% more to you than what an appraiser is telling you, then it is your choice to pay it. If not, then move on to the next property.

You can not force the seller to reduce the price and by your post it looks like they may be unrealistic and have increased the price. "He berated his own clients?" I can only wonder why?
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Mon Sep 14, 2009
Grace Hanamoto answered:
Hello Mae and thanks for your email.

If we all knew that answer, short sales would close 90 percent of the time, rather than the abyssmal 40 percent that appears to be the average now.

Truth is the banks do NOT look solely at the loan value in order to determine if the price a buyer offers on a short sale will be accepted. The bank's negotiators will look to the comparable home sale prices in the area, the amount of the loan, the loss, the encumbrances on the property (2nd, 3rd loans and any liens) and the appraisal price they receive on the property shortly after a contract has been received. If, after assessing the sale potential of the home, the bank determines that the loss is too great or that a foreclosure would be better, then no matter what you offer (short of the loan value+encumbrances and who would do that?), the home wil be foreclosed rather than sold short.

If you really want the home, work with your Realtor or qualified real estate professional to determine a comparable price for the home. By the way, it actually does help to work with an agent who has successfully negotiated short sales in the past, as they can help you understand both the process and the strategy behind buying a short sale home.

Good luck!!
Sincerely,
Grace Morioka, SRES, e-Pro
Area Pro Realty People's Choice
co-host "Naked Real Estate" on www.blogtalkradio.com
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Thu Jan 31, 2008
Karen Miller answered:
Ro,

Do you want the house? Do you believe that a short sale is priced at 10% above what the bank will take? What is the status of your offer? How often is your agent speaking to the listing agent? Perhaps the seller is trying to make your offer look better to the bank by lowering the price, thus lowering the percentage that your offer is off.

If you want the house and you feel (supported by comps provided by your agent) that $530,000 is a good price, I would stick with the original offer. If you don't really want the house, stop wasting everyone's time.

Best of luck,

Karen Miller
(562)756-4144
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Sat Nov 24, 2012
The Hagley Group answered:
I would recommend first making a call to the REO department of the bank explaining the situation. If they are unwilling to work with you, consult an attorney about bringing a civil action against the bank. Good luck! ... more
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